AMR, United Carnival Drop; Qualcomm Rises

123jump.com Staff
27 Apr, 2009
New York City

General Motors Corporation led gainers in the S&P 500 index with a rise of 31.9%. Alberto Culver Company second quarter profit meets street. Qualcomm Inc reported second quarter net loss. Whirlpool Corporation first quarter profit drops on weakening demand. Air and cruise liners led decliners.

[R]1:05PM New York – General Motors Corporation led gainers in the S&P 500 index with a rise of 31.9%. Alberto Culver Company second quarter profit meets street. Qualcomm Inc reported second quarter net loss. Whirlpool Corporation first quarter profit drops on weakening demand.[/R]

Of the stocks in S&P 500 index, 103 increased, 393 declined and 4 were unchanged.

Carnival Corporation led the decliners in the S&P 500 index of 12.9% followed by losses in Southwest Airlines Co of 11.0%, in Starwood Hotels & Resorts Worldwide, Inc of 9.0%, in Wyndham Worldwide Corporation of 9.0% and in Smith International, Inc of 7.4%.

General Motors Corporation led gainers in the S&P 500 index with a rise of 31.9% followed by gains in Whirlpool Corporation of 14.6%, in Ford Motor Company of 6.4% and QUALCOMM Inc of 5.9%.

Other Movers

AMR Corp ((AMR)) declined 11% or 59 cents to $4.83 as airlines and cruise liners fell in the flu sparked sell-off. UAL Corp ((UAL)), the parent of United Air dropped 13% or 84 cents to $5.58 and Continental Air ((CAL)) fell 11.3% or $1.50 to 411.76.

Apple Inc ((AAPL)) fell 0.3% or 47 cents to $124.21 after the company said that “Say on Pay,” a proposal that gives shareholders an opportunity to voice their views on executive pay.

Alberto Culver Company ((ACV)) dropped 6.5% or $1.50 to $21.36 after the manufacturer and marketer of personal care products reported second quarter sales fell 1.4% to $344.3 million from $349.4 million a year ago. Net income in the quarter fell 3.3% to $28.08 million or 28 cents per diluted share compared to net income of $29.03 million or 28 cents per share a year ago.

BE Aerospace, Inc ((BEAV)) fell 21.8% or $2.82 to $10.26 after the world''s biggest supplier of aircraft interior products reported first quarter revenues rose 10.7% to $523.7 million from $473.2 million a year ago. Net income in the quarter fell 22% to $37.9 million or 38 cents per diluted share compared to net income of $48.5 million or 53 cents per share a year ago.

BioMed Realty Trust, Inc ((BMR)) lost 1.0% or 11 cents to $10.47 after the San Diego-based real estate investment trust was raised to “outperform” at Oppenheimer.

Check Point Software Technologies Ltd ((CHKP)) fell 6.0% or $1.53 to $23.60 after the Internet security software firm reported first quarter revenues rose 1.8% to $195 million from $191.6 million a year ago. Net income in the quarter rose 3.4% to $80.9 million or 38 cents per diluted share compared to net income of $78.30 million or 36 cents per share a year ago.

Corning Incorporated ((GLW)) rose 4.1% or 64 cents to $15.97 after the biggest maker of glass for flat-panel televisions said Monday its first quarter profit fell 99% on fall in sales and charges related to job eliminations.

General Motors Corporation ((GM)) rose 28.4% or 48 cents to $2.17 after the automaker said it will cut 21,000 U.S. factory jobs by next year, phase out its Pontiac brand. GM also proposed that the U.S. accept half of government loan repayment in its stock that will dilute the current holders to 1%. The GM in public hearing in the fourth quarter last year had stressed that the company has the ability to repay the amount that it was seeking from the government at the time.

The struggling automaker said it will offer 225 shares of common stock for every $1,000 in notes held by bondholders as part of a debt-for-equity swap that aims to retire most of GM''s $27 billion in unsecured debt.

Honeywell International Inc ((HON)) fell 2.0% or 62 cents to $30.83 after the biggest maker of airplane cockpit controls was downgraded at Citigroup Inc.

Humana Inc ((HUM)) added 3.2% or 90 cents to $28.26 after the health insurer reported first quarter revenues rose 11% to $7.71 billion from $6.96 billion a year ago. Net income in the quarter rose 156.5% to $205.7 million or $1.22 per diluted share compared to net income of $80.2 million or 47 cents per share a year ago.

Lorillard, Inc ((LO)) slid 4.7% or $2.94 to $59.66 after the maker of Newport cigarettes reported first quarter revenues fell 0.4% to $917 million from $921 million a year ago. Net income in the quarter rose 5.7% to $184 million or $1.09 per diluted share compared to net income of $174 million or $1.00 per share a year ago.

Netflix, Inc ((NFLX)) rose 7.2% or $3.10 to $45.83 after the largest mail based movie rental company was upgraded from “hold” to “buy” at Citigroup Inc.

QUALCOMM Incorporated ((QCOM)) rose 7.6% or $3.15 to $44.40 after the cell phone chip supplier reported second quarter sales fell 5.4% to $2.46 billion from $2.6 billion a year ago. Net loss in the quarter was $289 million or 18 cents per diluted share compared to net income of $766 million or 47 cents per share a year ago.

Travelzoo Inc ((TZOO)) climbed 7.0% or 50 cents to $7.60 after the Internet travel agency reported first quarter revenues rose 12% to $23.4 million from $20.9 million a year ago. Net income in the quarter was $0.3 million or 2 cents per diluted share compared to net loss of $1.0 million or 7 cents per share a year ago.

Tyson Foods, Inc ((TSN)) plunged 6.5% or 71 cents to $10.22 after the meat and food processor and Smithfield Foods Inc. dropped 12% on the swine flu outbreak concerns. In Chicago futures trading the prices of hog and pork-belly dropped by their daily allowable limit.

Verizon Communications Inc ((VZ)) lost 2.0% or 58 cents to $30.40 after the second-largest telecommunications provider reported first quarter revenues rose 12% to $26.59 billion from $23.83 billion a year ago. Net income in the quarter rose 5% to $3.21 billion or 58 cents per diluted share compared to net income of $3.05 billion or 57 cents per share a year ago.

Whirlpool Corporation ((WHR)) jumped 13.5% or $5.52 to $46.31 after the home appliance maker reported first quarter revenues fell 23% to $3.57 billion from $4.61 billion a year ago. Net income in the quarter fell 28% to $68 million or 91 cents per diluted share compared to net income of $94 million or $1.22 per share a year ago.